Chesapeake Utilities Q3 adj EPS $0.80 (+16% YoY); FY2024 adj EPS guidance reaffirmed $5.33-$5.45

CHESAPEAKE UTILITIES CORP

2024-Q3 EPS reported $3.66 revenue$572,154,000

Q3 2024 net income $17.5M ($0.78 diluted EPS); adjusted net income $18.1M ($0.80 adj EPS).
Nine-month 2024 adjusted net income $84.2M ($3.76 adj EPS) vs $64.8M ($3.63) in prior-year period.
Adjusted gross margin grew $89.3M in 9M 2024 driven by FCG, regulatory initiatives, pipeline expansion, and 4% customer growth in Delmarva and Florida.
Affirms FY2024 adj EPS guidance $5.33-$5.45; capex $300M-$360M; FY2025 EPS $6.15-$6.35; FY2028 EPS $7.75-$8.00 (~8% CAGR from 2025).
Q3 capex ~$100M; rate increase filings in Delaware and Florida electric; new customer billing system implemented.

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